As the insurance industry faces a wave of structural change generated by shifting macroeconomic and demographic conditions, demand for new products and services, and increasing regulatory pressure, most insurers will be forced to confront new and far-reaching challenges if they hope to remain successful.
This environment also presents exciting opportunities for those insurers who recognize it and are able to adapt to it. The keys to success will be achieving cost efficiencies throughout the organization while also operating as a growth-oriented business. While challenging, the two aspirations go hand-in-hand for any company that wants to achieve the "next level" of success.
Companies that are committed to winning in the modern insurance market will need to focus on:
- Implementing cost discipline across the value chain
- Embracing big data, which is becoming a core competency for successful insurers
- Placing a premium on product innovation, a capability that is essential to creating growth and competitive advantage
By analyzing the dynamics of the insurance industry and foreseeing its future landscape, BCG’s Insurance practice creates solutions that ensure high value creation and further growth for clients. We put our clients in position to win by helping them clearly assess their own individual situations and, when necessary, develop new business models to create value in this changing environment.
As the industry shifts, BCG is regularly helping companies find new areas for value creation—from improving the quality of the customer experience to exploring direct sales to examining the above-market growth potential of rapidly developing economies. In addition, we work with clients to apply big-data analytics to drive more granular targeting, pricing, and underwriting. We also call upon our wealth of industry knowledge and experience, allowing us to tailor our solutions to each client’s specific needs:
- Our expertise extends to every business line of the insurance industry and every link on the value chain across all regions.
- We leverage a strong global platform to share best practices and trends via topic specialists and regional leaders.
- Our local experts provide insight into specific, individual markets.
BCG’s Insurance practice features more than 150 experts on five continents, backed by a global knowledge team developed over many years.